Market Briefing | 13 August 2018
Your weekly brief on current markets
FTSE 100 7,650.04 -0.22%
Dow Jones 25,270.32 -0.17%
S&P 500 2,831.58 -0.06%
Gold 1,203.50 -1.27%
Brent Crude 72.26 -0.76%
GBP/EUR 1.1187 -0.02%
GBP/USD 1.2761 +0.02%
Source: All above data sourced from Bloomberg 13 August 2018.
Musk arouses strong reactions
Tesla, the US electric car maker, is a true ‘marmite’ stock – investors either love it or hate it. The ‘haters’ have made Tesla the biggest ‘short’ in the US at close to 30% of its free float value (c$15bn).
But when a contrite Elon Musk announced continued losses but success in producing 5,000 Model 3s a week, the share price jumped by 17%, sending the short sellers scurrying.
Within days the real-life Tony Stark unveiled Tesla’s multi-billion dollar China ambitions before basking in the news that the Saudi sovereign wealth fund had invested $2bn in Tesla. When he tweeted on Tuesday of his plans to take Tesla private again, the shares jumped another 11% on the day.
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